September 25, 2025 • 33 mins
With mortgage rates holding steady despite last week’s cut, many homeowners are choosing to remodel instead of move. But as the saying goes, if your marriage can survive a remodel, it can survive anything. In this episode of The Jon Sanchez Show, Jon shares 7 things to consider so your remodel doesn’t take a toll on your relationship—plus how decisions about housing and remodeling tie into long-term financial planning.
👉 Watch this episode on YouTube: www.youtube.com/@thejonsanchezshow
👉 To learn more about retirement planning and wealth management in Reno, visit: sanchezgaunt.com
Compliance Disclosure: This program is for informational purposes only and should not be considered investment, tax, or legal advice. The views expressed are those of the participants and may not reflect the views of Sanchez Gaunt Capital Management. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Always consult with a qualified financial professional regarding your individual situation before making financial decisions.
👉 Watch this episode on YouTube: www.youtube.com/@thejonsanchezshow
👉 To learn more about retirement planning and wealth management in Reno, visit: sanchezgaunt.com
Compliance Disclosure: This program is for informational purposes only and should not be considered investment, tax, or legal advice. The views expressed are those of the participants and may not reflect the views of Sanchez Gaunt Capital Management. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Always consult with a qualified financial professional regarding your individual situation before making financial decisions.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Good Thursday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven eighty k which it's a
pleasure to be with you and a pleasure to be
with my co host. We have the whole crew all
back together. Dwight, we missed you. I'm going to start
with you. Welcome my friend Dwight Millard, Highlands Morgan, how
are you?
Speaker 2 (00:20):
And I'm doing fantastic. It's great to be back. Thanks
for Thanks for the night off. I got to know
a little bit more of corporate people.
Speaker 3 (00:28):
Yeah, that's what we said. We said you were out hobnobbing.
Speaker 2 (00:31):
I was. I go right for the top there. You
can't mess around.
Speaker 3 (00:35):
Don't mess around at the bottom. That's right, that's right.
Speaker 2 (00:38):
I go right to the top. What favors can I get?
Speaker 3 (00:42):
I like it. I like it.
Speaker 1 (00:43):
Nothing wrong with that one. It all Corey in eventuality,
how you doing, Mixie.
Speaker 4 (00:46):
I'm doing awesome.
Speaker 3 (00:47):
How are you good, buddy? Doing good? Thank you doing good?
Speaker 1 (00:51):
All right, folks, let's get down to We've got a
lot of things to get through with you. Of course,
we're going to talk about today's stock market activity, a
little bit of a of a week session, so of
course we'll give you all the details as to what
happened today. We're gonna talk a little bit about Dwight's
favorite measure of it, I mean, the Fed's favorite measure
of inflation tomorrow, the.
Speaker 3 (01:06):
PCE, the personal consumption expenditure.
Speaker 1 (01:10):
You know, that could rock the market one direction or
the other if it starts to show inflations raising its
ugly head. Then we are going to get down to
our real estate topic of the afternoon, and oh, this
is going to be a good one. You know, folks,
I'm sure you've heard this saying before, and that is,
if your marriage can withstand a hom remodel, your marriage
can withstand anything. And that's exactly what we're going to
(01:33):
be talking about. You know, we have the mortgage rates
coming down. We've got I'm scary, we got interest rates
coming down in some parts of the yield curve. But
the most important of course for tonight, the mortgage side
is not coming down like we all wanted. We knew
this was going to happen, but it's it's something we've
got to deal with and do. It's going to enlighten
us of course on that. But because these mortgage rates
(01:56):
are not coming down, many of you may be going,
you know, I really really want to make twenty five
the year that we go out we find that new home,
that dream home of ours, but I don't I can't qualify,
or maybe I just don't want to pay these higher rates.
So therefore we're gonna, you know, stand pat, We're going
to stay where we are for maybe another year or
two and then come back and revisit it. Well, we
all know when you get to that point in your
(02:17):
life where you're like, I really want to move, I
need a change, I need more space, love space, whatever
the reason for your move, and you can't do it,
you get frustrated. Well, here's a potential solution, and that
solution is a home remodel. But before you embark on
the world of home remodel, we want to save your
marriage for you, and I mean that in all seriousness.
(02:38):
So we put together a checklist for you of seven
things to consider so that your marriage survives a home remodel.
And so this is going to be really fascinating because
those of you that have never been through.
Speaker 3 (02:53):
A home remodel. I want to get Corey and Dwight.
Speaker 1 (02:56):
I want to get your opinions, but I have been through,
not a major one, but one that started with we
want to expand our walk in closet. Well, expanding the
walking closet, which of course is in the master bedroom,
requires that oops, all of a sudden, can't have a
nice closet and allows a bedroom. So now we embark
on remodeling the bedroom. Well, of course you can't do
that because now you got to do another bathroom. And
(03:19):
then that led to the kitchen. And so what started
as just a little home remodel, probably a I don't remember,
three four thousand dollars remodel of a walking closet turned
into a I don't remember. The final number is probably
fifty sixty thousand dollars remodel by the time it was
all said and done, and you talk about a challenging
time with a spouse, and so you know, again, if
(03:42):
you haven't been through this, I can't wait to hear
the stories from Corey and de White.
Speaker 3 (03:45):
You're going to find out how good your marriage really is.
Speaker 1 (03:47):
And again I'd heard that saying many times, and I
swear on a stack of Bibles it is so true.
If your marriage can withstand that, by all means, it
can probably withstand anything, Corey, any personal experience and you've
dealt with it with clients with any personal experience of
going through a home room model, and the validate or
invalidate our topic this afternoon.
Speaker 5 (04:06):
Well, we set out seven kind of criteria of how
to get through it. And your story that you just
told you broke all seven.
Speaker 4 (04:16):
You didn't know you didn't it?
Speaker 3 (04:18):
Really did?
Speaker 4 (04:18):
You hit every single one of them?
Speaker 3 (04:20):
Every single one of them. You're right, every single one
of them did.
Speaker 4 (04:23):
Yeah.
Speaker 5 (04:23):
I mean I've heard not only from the clients that
I've had it, We've gone through it personally. I have
a lot of friends in our contractors, So the other
side of the story is always interesting because you know,
a lot of people don't think about it, but the
contractors get put in a very interesting situation because they're
in the middle of the fight. You know, not that
they're fighting, but they got to hear both sides. I
(04:45):
was talking to my buddy just last week as a
general contractor. He's like, you know, we clean up at
the end of the day. This was this is happening
right now. At one of his jokes, we clean up
at the end of the day, but when we show
up the next day all their stuff and the kids
closed and dirty like everything's on. So we got to
clean their house and then do the work, then clean
and so it's a trying time forever.
Speaker 1 (05:04):
Yes, yes, And you just brought back memories and then
you're you're you're complaining to the contractor.
Speaker 3 (05:10):
You're tracking stuff in the house that.
Speaker 1 (05:12):
Drywall dust on your boots and yeah, oh man, all right.
Speaker 2 (05:18):
I would say the only thing worse than that, John,
is when you're the soccer coach and your spouse is
the ref. That's the only other time. That one's the worst.
I haven't done a remodel. I've done actually build, you know,
from the ground up. Probably not any easier.
Speaker 3 (05:34):
Probably just say that's actually easier.
Speaker 2 (05:36):
Yeah, I just got to kind of back off and
let you know, just let it go. The type of
thing I mean, Corey and I got into a little
remodel rehab job member and that was stressful, all four
of uses.
Speaker 5 (05:51):
But before you before you glance over the story, do
I please continue with the soccer coach soccer ref story,
because there's a.
Speaker 2 (06:00):
You can't yell at the refuse.
Speaker 4 (06:02):
Yeah, but what happened? Tell everybody what happened?
Speaker 2 (06:06):
Boy, don't you ever do that to me again.
Speaker 3 (06:09):
Quit.
Speaker 5 (06:09):
No, No, I thought when you told me the story
with with your wife was the ref you were the
coach and you started arguing with her and she kicked
you out of the game.
Speaker 4 (06:19):
Oh, threatened to kick me out a red car.
Speaker 2 (06:24):
Don't threaten. No, threatened to kick me out, and I behaved.
Speaker 5 (06:31):
Boy, can you imagine the ride home like four little
kids in the.
Speaker 4 (06:36):
Back of the car.
Speaker 2 (06:40):
So probably a remodel is probably a little easier.
Speaker 6 (06:43):
Probably, but you know, I think you can almost identify
that out of the gate. You know, if just in
daily life, if you see something you know different, Like
for example, I think I said, you know, if we
pull up next to a Harley, I go, man, that
is things cool.
Speaker 2 (06:58):
I want one. My wife goes, that's dangerous. I would
Why would you ever ride on the back. You can
kind of get where you're gonna groove, you know, in
the remodel, I mean, I think you should know where
you agree.
Speaker 1 (07:11):
You're saying that, But I never I couldn't do it
because me being the money guy of the family. It
was like, you're you're putting such a tough spot because
deep down you know you want something nice. Right if
you're gonna do it, you know, do it nice. But
then all of a sudden, you know this famous what
a CEO stand for?
Speaker 4 (07:28):
Corey Certificate of occupancy.
Speaker 1 (07:31):
And and and what else? When it comes to a
contractor CEO, a CEO?
Speaker 3 (07:37):
Change order?
Speaker 4 (07:38):
Oh, change change order?
Speaker 1 (07:41):
Yes here, missus Sanchez, sign right here that you wanted
to change this and three thousand dollars later, or sign here,
mister Sanchez, that's gonna be another five thousand dollars. And
before you know, what I used to love is coming
home from the office. You come home from the office
and she goes, you know what, you don't have a
when you left this morning. We were going to do this,
(08:02):
this and this. Well I changed the way you're going.
I'm sure you don't mind. And here's the stack of
change orders and you're like, another fifteen thousand dollars. Yeah,
I mean it was constant. And the other thing I
felt was it never ended.
Speaker 3 (08:16):
Right.
Speaker 1 (08:17):
You build a house, like you were saying to Wight, Okay,
you know it's going to take six nine months whatever
the you know, whatever it is, but with a remodel,
and unfortunately we had I made the mistake. I hired
a guy. He was a one man operation. Didn't have
any assistants, so, you know, and he was not a
spring Chickens but you know, six mid sixties, but you know,
been doing it for a millionaire. Is really good at
what he does, but not the fastest and so you know,
(08:39):
unfortunately a lot of his billing was on an hourly basis.
Speaker 3 (08:41):
Yeah, you don't change this or move these plugs or whatever.
Speaker 1 (08:44):
But he goes, Okay, it's gonna be four hours at
one hundred and whatever dollars an hour. Da da da,
And you're like, dude, go hire some assistance at you know,
minimum wage to lug the jaywall up and down the stairs.
You know what I'm saying all that stuff. Yeah, and
uh oh it was. It was an experience. That's only
one I've ever gone through. I've never got through a
brand new home build. And that was the only remodel
(09:04):
I ever did, and probably the last one I'll ever do,
because yeah, it was.
Speaker 3 (09:07):
It was too challenge.
Speaker 2 (09:08):
I'm sure there's a lot of stories where they've had
to rip it all the way out.
Speaker 3 (09:10):
Yeah oh yeah, oh.
Speaker 2 (09:12):
Yeah, rip it all the way out, take it all
the way down.
Speaker 3 (09:14):
That's right, that's right, exactly, yep.
Speaker 1 (09:17):
And then Uh yeah, matter of fact, I think you're
right on that one too, do I Because they found
mold when he took the dry wall off in the bathroom,
there was some mold there. So yeah, that opened up this.
Corey will nose about mold situations.
Speaker 2 (09:26):
I got some friends right now, had a little behind
the I got one going behind the washing machine. Built
now everything in the kitchen and so and you know,
no running water down, that's everything.
Speaker 3 (09:38):
Yep.
Speaker 1 (09:38):
So all of you that are going to do this,
we're gonna we're gonna be marriage counselors for it. We're
gonna help you save and hopefully Corey can give us
and Dwight some ideas how we can finance it on
the Dwight side, and uh, you know, some things to
deal with on the contractor sex.
Speaker 3 (09:50):
That's that's an art. We need to do a whole
show on that one, Corey. That's that's an art in
and of itself, the contractor. So lots of fun stuff.
Speaker 1 (09:56):
We'll come back and talk about something that wasn't so
fun today unfortunately, which was a market.
Speaker 3 (10:00):
But we'll tell you what's going on. Let's turn it
on a Christens note. She is in the right now
Traffic Center.
Speaker 1 (10:05):
Hello Kristen, Welcome back to the John Sanchez Show on
News Talk seven eighty KO, which with Cory ds Evisuality
the White Lord of Highlands Mortgage. Right, here's the damage
that was done today, and then we're going to get
into our topic seven things to consider so your marriage
can survive a home remodel. All right, we have been
(10:25):
talking at linked on this program both, you know, when
Corey and I were together with you on Tuesday, Jason
and I together with you on Monday and Wednesday, and
now today.
Speaker 3 (10:34):
There's some underpinnings going on in this.
Speaker 1 (10:37):
Market, and we've given you all the all the facts
behind it, and you're getting some you know, Jerome Palace
comments the other day and again just paraphrasing, the market
is slightly highly valued, I think were his words.
Speaker 3 (10:49):
Right, Corey, you're.
Speaker 1 (10:51):
Getting quite a few money managers now that are starting
to say it. And like Jason and I were strategizing,
we made some some pretty significant moves in our portfolios today.
Remember this is a great lesson. Remember the market as
a hypochondriac, folks. The market will talk itself into whatever
it wants to do. If it thinks this market's over
valid whether it is or not from a mathematical valuation,
(11:14):
whatever reasons you want to use, it can talk itself
into it or vice versa. Right, and so remember the
market moves like a herd of sheep. Right, the algorithms
and so on and so forth. One does one here
comes everybody else. So we saw weakness. We've seen weakness
all day this week, and today was another day. The
other factor, once again that we've been discussing is watching
(11:36):
the whole situation on the AI sector.
Speaker 3 (11:39):
Right.
Speaker 1 (11:40):
It started on Monday with a big announcement one hundred
billion dollars announcement between open ai and of course or
open ai and the video. And now as we discussed
on Monday and Wednesday, and I think Corey, you and
I touched on that word circular accounting and just some
things are not sounding right the way the deal kind
(12:00):
of financed. And then we did some more research on
it and found out this is becoming very common that
now no matter of fact, Cory. Now, we learned yesterday
that that open ai is leasing quote quote leasing the
GPUs the chips from Navidia. It's not even a buy,
so one hundred billion going. We found out also that
the hundred billion is not right away. It's like there's
(12:21):
certain milestones that have to be achieved before they get
the money. I mean, the story is just unfolding in
bottom line. Wallster doesn't like that. It's uncertainty, right, Like, really,
what's going on? We all, all of us that have
gray hairs, we all remember what happened in you know,
ninety nine and two thousand and of course eight oh
nine and and so on and so forth. So I'm
not going to go into it. That's not what tonight's
(12:41):
shows about. But that's what's again starting to affect things
a bit. So we finished down one seventy four on
the down. Again, there's nothing major, I mean, point three
eight percent loss, but again the underpinnings I don't like
what I'm seeing with some of the big names in
the Navidia eked out a small gain forty one cents
to one seventy seven thirty eight, but you had Tesla
rollover today eighteen dollars and seventy eight cent loss.
Speaker 3 (13:01):
Uh, Meta down eleven dollars and sixteen cents.
Speaker 1 (13:04):
So you're getting some of the big tech names that
are just starting to give some money back at this point.
So that's again another area of cost that we need
to watch. So one seventy four loss on the Dow
down one thirteen excuse me point actually right on the nose,
a half a percent loss on the NASDAK. Also a
half a percent give up on the S and P
five hundred. That was a thirty three point loss. Oil,
what a snoozer one cent game sixty five ozho won
(13:25):
a barrel gold snoozer two dollars and fifty cent rise
three thousand and seven to seventy ninety six in ounce.
And mister Millard, you don't like hearing this three basis
point increase on the tenure now at four seventeen, talk
to us, my man on the mortgage side.
Speaker 2 (13:38):
Well, let's let's go back a week or so ago.
You know, just that Tuesday before, we were at six
point point one three on the thirty year fixed average
according mortgages Daisy. Today you're at six point thirty nine.
So that's a you know, that's what is that twenty
six basis points increase in just a short period of time.
(13:58):
It's struggling. The market's ruggling. John, Your fifteen year now
is back right at the five point nine zero and
then your faha is over six again out six points
to zero six. So, I mean I was reading today
a little bit that the auction this seven year treasure
action was horrible. But John, who wants it?
Speaker 4 (14:17):
Now?
Speaker 2 (14:17):
Who wants a sleepy bond?
Speaker 3 (14:19):
Now?
Speaker 2 (14:19):
When you got all this excitement going on over here?
But wait a minute, you want me to come over
here and play in this little sandbox where it's totally sleepy.
You keep grinding me every month for more money to
pay the debt. I mean, it's a tough one.
Speaker 1 (14:33):
And you're right, and you know that's another point that
Wall Street doesn't really care a lot about, at least
at this point. You know, we got to September thirtieth deadline,
the government deadline. Yeah, you know, pass the budget. So
and did you guys see this today? And we spend
a lot of time, all three of us, talking to
each other about the labor market, and you know, things
are weakening them to the surface a bit. But now
(14:55):
they came out today and the Democrats are saying, you
know what, a lot of the if if the government
shuts down on midnight of September the thirtieth, Trump's going
to use this as a reason to permanently get rid
of a bunch of I mean thousands of government employees, right,
So that's the speculation. Then again, if you're a bond
trader at White's point, you're going, well, wait a minute here.
You know, we've already lost a lot of jobs and
(15:17):
more are going to be coming and now this situation,
so you just add that little ingredient to the fire
of it.
Speaker 2 (15:24):
Yeah, John, do you see any scenario in the next
week or two that turn. I mean, they're already anticipating
right rates, they're going to do another quarter in October.
Isn't that pretty much base?
Speaker 3 (15:34):
Yeah?
Speaker 1 (15:35):
Yeah, I was going to bring up I got the
latest probability from the CEME fedwatch tool right now, the
probability of a quarter percent cut in October. Yesterday it
was ninety one point nine. Today it's eighty five point five,
So it's still very strong. The odds of a December cut.
Yesterday we're seventy three point three percent, now today they're
(15:55):
sixty point five.
Speaker 3 (15:56):
Those are big moves down.
Speaker 1 (15:57):
So when you see a jump, you know, thirteen fourteen
percent like that, that tells you there's a lot of
concern about something or a combination of things right instead
of going, oh yeah, yesterday it was seventy three and
today it's seventy one.
Speaker 3 (16:09):
Big deal. We don't even talk about that.
Speaker 1 (16:10):
But when you when you see these kind of you know,
going from the big numbers and stole down a bit
but still strong. Now, everyone, I promise you next week,
in my opinion, I can't say I promise, but in
my opinion, next week, I bet you're gonna see those
odds even go further down.
Speaker 3 (16:24):
I really do. Now one thing that can change all that.
Speaker 1 (16:27):
I'm gonna put a little asterisk here so I don't
look like a complete idiot, but I'm gonna put a
little asterisk here, and that is tomorrow. Now, tomorrow, we're
gonna get the personal consumption and expenditure that's called the PCEE.
Speaker 3 (16:39):
That's the Fed's favorite measure of inflation.
Speaker 1 (16:41):
So it takes CPI, PPI and a whole bunch of
other factors, lumps them together. And that's what the Fed,
as I've said a million times, really looks at to
determine where inflation is going.
Speaker 3 (16:49):
They are looking for a bit of an uptick tomorrow.
Speaker 1 (16:52):
And now this is of course, is going to be
August's data they're looking for a three tenths of a
percent increase from July to August. When you looked at
June Tojuly, it was a two tenths over percent increase,
so you know, another one tenth but that's a lot.
When we talk about inflation, we also have personal income
and personal spending come out. They always come out just
a few seconds before of the PC numbers. Looking for
(17:13):
personal income to go from a four tenths ever percent
gain in July down to just three tenths ever percent increase,
spending a flat up a half a percent so month
over a month, not looking for that one to change.
But you know, to your point, Dwight, you know, if
you look forward or look out under the calendar, in
the next few weeks, we have we have non farm
payrole numbers next week on the third, that'll be something
(17:36):
that can move.
Speaker 3 (17:37):
But you know, other than that, there's not.
Speaker 1 (17:38):
Really a lot where you know, we're not We're still
about three weeks away from earning season and began. So
to your point, yeah, there could be a lot of
a lot of reasons things just kind of go lax.
And remember, you know, for those of you that are
market statisticians, this last week of September and kind of
around the first week of October. Historically, especially that first
week of October historically has not been good for the
(17:59):
stock market. And I'm not talking significant declients, but I
think half a percent historically is what it's what it's
lost in that time period.
Speaker 3 (18:06):
So nothing too major.
Speaker 1 (18:07):
But again, I'm just going to keep bringing up these
underpinnings of worried about the accounting going on in the
AI sector and so on and so forth. Cory, anything
you want to add to that.
Speaker 5 (18:15):
No, I think he had a decent unemployment number today,
which causes rates to go up. If you get a
strong inflation number tomorrow or stronger than expected, that's going
to cause rates to go because the theory is the
federal just sit back and think unemployment's okay.
Speaker 4 (18:32):
So yeah, who knows.
Speaker 5 (18:33):
And then, as you mentioned, if you start factoring a
government shutdown, and there was talk today about well if
the government does shut down, and you know, Trump's different
than other presidents. He's not going to give in. He's
going to hold tight. So what reports do you get
prior to the next fedue? Like, there's all kinds of
stuff in the mix that could happen, and you can't
really you never know what it's gonna know how it's
going to work out.
Speaker 3 (18:53):
Changes day by day by day.
Speaker 1 (18:55):
And then the last one want to mention was we
saw weakness and Oracle today again has kind of been
the leader of this whole AI thing lost again today
down thirteen dollars and seventy six cents, a four almost
a four and a half percent loss, So everyone's watching
that closely.
Speaker 3 (19:11):
Also, all right, when we come back, let.
Speaker 1 (19:13):
Us move into the world of remodel and how to
save your marriage if you're going to go through that. First,
let's turn it over to Jack Saban, He's got news
traffic on whatever. Hello Jack, Welcome back to the John
Sanchez Show on Newstalk seven eighty KO, which with Dwight
Mallardi Highlands Mortgage Couryage of Edge Reality.
Speaker 3 (19:27):
Once again.
Speaker 1 (19:27):
We finished down one seventy four on the DOW, a
negative one thirteen on the NASDAK, and I'll pull back
of thirty three on the SMP five hundred. All right, Well,
as you heard Dwight mentioned, you know, we're up twenty
six faces point, so smidge and above a quarter percent
on the thirty year mortgage since the FED cut raids
last week.
Speaker 3 (19:42):
Again not the.
Speaker 1 (19:43):
Way many anticipated it was going to go. We warned
you that this could be a strong possibility and it's
holding up. So now many of you are facing this decision.
Do I stay in my home remodel it, or do
I go try to find something, maybe pay a little
bit more on the mortgage that you don't want to.
Whatever the case is, many of your going, you know what,
I'm just going to stay put.
Speaker 3 (20:01):
I'm going to remodel.
Speaker 1 (20:02):
So we want to put together this list that is
again not so much, well it is monetary, I can
say not so much, but it is because we're going
to try to help you save your marriage because nothing worse. Yeah,
no faster way to lose your net worth than a divorce. Right,
So we put together seven things to consider so your
marriage survives a remodel for those that are going to
stay in your house. Now, before we get to this,
(20:23):
because it's kind of lighthearted, but it's actually good stuff,
Dwight and Corey two serious questions. Dwight very quickly. One minute,
how do we get some money out of our house
to remodel.
Speaker 3 (20:33):
We need to do it. We need to do it.
What's the best way right now?
Speaker 2 (20:35):
Yeah, John, there's fantastic programs out there, so you can
either do it through a home equity line of credit.
FHA has a rehab program. They have one that goes
up to seventy five thousand and it's called a limited streamline.
It's super easy. And then Conventional has their own VA's
got it too, so that everybody's got a spin of
(20:56):
a rehab. So you know, if you don't want to
go the equity line route, you can explore those. Your government,
your FAHCHA is probably going to give you a higher
loan to value, so if you need to squeeze a
little more cash out, that's probably where you're going to
get more of it. But they're fantastic programs, got it,
you know. But there again, John, you got trade off
kind of what you got going if your rate's real low,
(21:17):
you know this is you know, so yeah, you got
you just got to explore, like you.
Speaker 1 (21:21):
Said he would come because you're just gonna give a
second on the property. Yeah, changed the first kid, Corey,
real quick, what are you seeing right now as far
as improvements that are bringing the best ROI or return
on investment?
Speaker 5 (21:34):
I mean you have all the fluff stuff that we
went through in COVID. Really the outdoor kitchens, the offices,
the private rooms, those kind of things are probably still
the wild factors. But to me, it always goes back
the bread and Butter's always been bathrooms and kitchens. Bathrooms
and kitchens, And to your point when you mentioned earlier,
we started with the closet, next thing, you know, the kitchen,
tream all like that. That's always the hot point usually
(21:55):
in anyhows. And then to bathrooms. They'll usually go into
the typically the master bathroom because that's where mom and
dad used to spend their time, or the guest bathroom,
depending on if people are worried about you know what
it is coming over. But kitchens and baths are Try.
Speaker 3 (22:11):
What's the hot countertop right now?
Speaker 5 (22:13):
If you're doing Oh man, I know there's so many
different kind of the wrong got to ask, but there's
so many different man made stones now and I forget
all the different courts like this and this that. I
don't know what it is, but it's it's the stone
kind of to me, they all look like a granite,
even though they're not granted, but it's that it's that
solid stone right.
Speaker 3 (22:33):
Okay, very good. All right, Well let's get start with
our list.
Speaker 1 (22:36):
And again we shared our story at the beginning of
the show in regards to what can happen in a
marriage while you're going through a home remodel. So we're
going to try to make sure this doesn't happen to you. So, Cory,
the first point that you brought up is, and I
think this is such a great point, agree on a
vision up front.
Speaker 4 (22:53):
And it's key.
Speaker 5 (22:54):
And so before you start calling contractors or calling dight
or calling anybody, the two people, assuming there's two people
making a decision, those people have to be on the
same page because a lot of fights start when you
bring over the poor contractor and husband and wife or
whoever's together hasn't decided what they want yet, and now
you're trying to get opinions from a contractor. Most contractors
(23:16):
aren't visionaries, right. You tell them what to build and
they'll build it correctly, but they're not really visionaries. So
the best thing I've always found, not only in our
own personal stuff but to clients is go through the
magazines like don't be afraid to go spend I don't
know one hundred bucks and a bunch of magazines, look
at the pictures, tear out the pictures you like. It's
so at least I found in our stuff. It's so
(23:37):
easy to sit on and say, hey, we want our
kids to look like this, and then the contractor and say, okay,
well we can do that. Maybe we don't have the
tie o from Italy, but we can get something that
looks very similar from one of the great stores and
different things. But if you can help the visualization, then
everybody's kind of on the same page and their expectations
(23:57):
are all lined in versus you know, people with different thoughts.
Speaker 1 (24:00):
If you will right right, absolutely save a lot of
time up front, and especially if you you know, if
it's a major remodel and you get an architect involved,
same thing.
Speaker 3 (24:09):
Those those men and women are not cheap. They're very
good at what they do.
Speaker 1 (24:12):
But the easier you can or the sooner that you
can come to them with a vision, definitely the better
off you're going to be on that one. D I
I love your second point. Set a realistic budget with
a cushion.
Speaker 2 (24:23):
Yeah, nothing's worse than running out of money, right right, So,
I mean, you know, I guess the rule is kind
of ten to twenty. I'd probably try to lean more
to a twenty if you can, because to your point,
you're going to get in, you're going to start here,
then you're going to realize, oh, that doesn't got to
go there. So I mean I would do a budget
(24:44):
and redo a budget, and then I would get maybe
some bids, tighten that budget down as far as you can,
and then give yourself some room. I mean, Corey's they
do this all the time, so they've got a pretty
good handle on it. But I can see how a
husband and wife can just run out of money read it.
Speaker 1 (24:59):
Yeah, And I've had that happen with clients before, and
you're right, they're seventy percent through and they thought they're gonna,
you know, pick a number're going to spend one hundred
grand and they're like, we're three quarters of the way through.
What can we do? You know, how do how do we?
How do we finish? Because there's no turning back. And
the worst one I had one couple of years ago
where they finished the project, they weren't watching their budget,
(25:20):
and the contractor submitted the final bid or final bill
to them, and again they had all these change orders
going through and everything else. They weren't watching it, and
I think the final number from the contractor was like, geez,
fifty sixty thousand dollars above what they thought they were
their final bill was going to be.
Speaker 3 (25:39):
And they're like, what are we going to do?
Speaker 1 (25:40):
Because remember, folks, you don't want to screw with a
licensed contractor. Not a lot of them do this, but
legally they can. They have this great power called a
lean a mechanics lean, right, Corey, you know these well absolutely,
And a good contractor is going to file what's called
a preliminary lean on you, meaning he's going to notify.
Speaker 3 (26:00):
The proper authorities.
Speaker 1 (26:01):
Uh, if it's a big remodel, especially, you're going to
notify the proper authorities when the job begins. And then
his subcontractors they're gonna probably file it suppliers, right Corey,
you get in some big, big numbers on suppliers, they're
gonna file a lean a mechanics lean, and all it
does is just notify you know, the lender, Hey, we
have a lien you know, on paper on this remodel project.
(26:24):
You need to make sure you're contractor if he's done
that or she's done that. That when you finally pay them,
they release those liens, right, Corey. How many times have
you come across that where people are like, oh my god,
there's a run of a title report. There's there's a
mechanics Liane from Joebo Construction ten years ago that never
got released.
Speaker 5 (26:41):
I mean that's yes, well, and luckily there's some there's
some things in the lot. So they have to prove
up that line with that X amount of days. So
shouldn't necessarily affect you if it's Yeah, so they have,
but they do have lean rights and a lot of
the big contractors they will pre lean you prior to
even starting the job.
Speaker 4 (26:58):
Jess make sure yeah, yeah, exactly.
Speaker 5 (27:01):
So it said don't and don't be nervous because you
have you will get a certified copy of it. Yes,
and if people don't know it's coming, it freaks them out,
but it's it's a lot of contractors have been screwed
over the year, so this is their way, and it's
a very good way to make sure they're going to
get paid.
Speaker 1 (27:15):
I had a client that I was coaching years ago,
big big builder up at the Lake, and I mean,
you know, fifty hundred million dollar projects and I was
coaching him, trying to improve his business, you know, performance
and operations. And I brought that up. I said, you
are filing your your your prelimbs and all that. Right,
It's like, no, I don't do it. And sure enough,
(27:36):
I think I jinxed him. About six months later, one
of the big rich people up there north Shore screwed
him out of a oh gosh.
Speaker 3 (27:43):
It was a lot of money, like a couple of
million dollars.
Speaker 1 (27:46):
And the homeowner went to him and said, oh, here's
your you know, we call it the honeydew list or
the punch list, right, literally over one hundred items that
he needed to do before the homeowner released the final
chunk of money. And he's, I can't do these, you know,
this is ridiculous, and ended up walking away simply because
he didn't follow the prelim and follow the mechanics, lean laws.
(28:07):
So very scary stuff. Real Even small contractors, you know,
they can do it. They got a lot of power
with their a licensed contractor. I'll right continue down our
list seven things to consider to survive your marriage of
a remodel. All right, just wrap it up with Kristen
Snow right now. Traffic Center Hello, Kristen, Welcome back to
the John Sanchez Show, A news talk seven to eighty
k Wischmster Millard your phone number.
Speaker 2 (28:27):
Sir, yes, sir seven seven five two four zero two
zero two two.
Speaker 1 (28:32):
Thank you, sir, mister edge six seven three six seven
zero zero beautiful.
Speaker 3 (28:37):
All right.
Speaker 1 (28:37):
Seven things to consider so your marriage survives or remodels
our topic, all right.
Speaker 3 (28:41):
Cover Number one.
Speaker 1 (28:42):
You gotta agree on the vision up front with this
model's remodel is going to be about Number two, you
set a realistic budget and you have a cushion. Number three, Corey,
divide the responsibilities this. I love this point you made
because this is again another extremely important.
Speaker 5 (28:56):
One well and it makes it so much easier on everybody.
So typically you're going to have two people making the
decisions that are both the boss. Then they're going to
have the contractor designate one person to talk to the contractor.
You can even tell the contractor, hey, no matter what
I say, take direction from my wife, or no matter
what I say, take tr you want to. You want
to keep the contractor happy, they want to keep you happy.
(29:17):
It just keeps everything easy. If your wife or your
husband or whoever is the person that has the vision,
then let them pick the stuff and do a home.
Speaker 1 (29:26):
I learned, Yes, things happen during the day, and if
you're not there, yes, contractor will walk off. So yeah,
you be fortunate enough to you know, not have to
leave the house during the day. That's a good person there, Yeah,
absolutely Dwight. Number four, compromise on design decisions.
Speaker 2 (29:41):
Well, it goes from little tiny paint, you know, it
goes from painting the trim to carpet to I mean
whatever it is. Just pick and choose what hell you're
willing to die on. There's not very many, you know,
I mean, let's just be real. I mean, there's not
very many in it.
Speaker 3 (29:56):
I just say it. Happy wife, happy life, say it.
Speaker 2 (30:00):
Yeah, yeah, happy, Yeah, you're absolutely correct. So I mean
I think I would always default that way and just
let her choose and pick. But that's the easy route.
But there's just gonna be so many things. Just compromise,
I mean, if you can. I mean, that's just it.
Speaker 1 (30:14):
It sounds strange those of you that haven't been through it,
but you will find that, even though you're married to
this wonderful person, Yep, you may not see eye to
eye on certain colors or design aspects. I love that one. Okay, Corey,
I love your next point too. Maintain a sanctuary space. Boy,
this is a good Yeah.
Speaker 5 (30:30):
So this whole conversation is usually around a remodel in
the house you're living in, so you know, husband, wife, kids,
whoever else is there. You can imagine how especially when
you're doing a kitchen or their main bathroom or all
these things. So, yeah, you have to you either have
to have a big budget to go to a hotel
for a while, or you've got to set up a space.
And like, for instance, we're talking about getting our hardwork
(30:51):
floors were done. So I was talking to the guy,
I'm like, what am I going to do for three weeks?
I got kids?
Speaker 4 (30:55):
Asked.
Speaker 5 (30:55):
She's like, well, Hawaii's always nice, and.
Speaker 4 (30:59):
That's pull the bone.
Speaker 5 (31:02):
Yeah, so but you gotta have some sanity, yeah.
Speaker 3 (31:08):
Yeah.
Speaker 1 (31:08):
And then of course the filth, right you're living there
and being with dust and like I said, drywall, dust
and every bit of things you can imagine, and lord knows,
there's a lot of sloppy contractors and uh yeah, and
have that talk with your contractor lay those rules out
from the beginning. You are to like you were saying
off air Corkyr your buddy that's big into this. He
(31:28):
cleans up every single day, right, make sure they clean
up every day night. They don't leave gatorade bottles, you know,
sit on your bed and I.
Speaker 2 (31:35):
Mean, but John, it's funny because you know when the
window guys show up with the long guys. You know,
my wife goes crazy. O there, imagine a remodel. It's
just not a long guy's or a window guys. I
mean in your house. They're destroying it.
Speaker 1 (31:49):
Yeah, yep, yeah, you got it all right, So we
maintain our sanctuary space number six Corey commune or do
I'm gonna give you this one.
Speaker 3 (31:56):
Yeah, communicant daily without blame.
Speaker 2 (31:58):
Well, here's your opportunity to get back and reconnect, right,
I mean you can now you can talk, get off
the phone and talk now. I mean it sounds simple
and easy, but you really need to just have and
you need to have a safe space to talk about it. Right. Hey,
we can't just dere Yeah, yes, it's two minutes in it.
We can't get an argument. Let's just talk about it.
(32:19):
Let's what's going good, what we need to work on
or things like that. But yeah, a great great suggestion.
Speaker 3 (32:24):
All right, great in ten seconds. Keep the romance alive.
Speaker 5 (32:28):
Yeah, and this goes even outside the ring model, keep
their own mance alive. The date nights. Just remember you're
on a journey, right, so eventually this will end. You'll
get to look back on it, just like you're doing now.
You get to look back and laugh on it, so
it'll be over eventually.
Speaker 4 (32:41):
Hope you're with the same person when you're laughing about it,
you know.
Speaker 1 (32:45):
Oh, there's a lot of fun boys. Great job as always,
We'll see you tomorrow on the John Stanches Show. Good,
Let's have a great afternoon.
Speaker 3 (32:51):
Dwaite Millard and mls ID number two four one two
five nine a licensed mortgage loan officer with Highlands Residential
Mortgage Limited and Equal Housing Lender and MLSID number one
three four eight seven one.
Speaker 1 (33:02):
The information shared on this live broadcast is for general
information purposes only and does not constitute financial or mortgage advice.
Listeners should consult directly with a license mortgage professional for
guidance tailored to their specific situation.
Speaker 3 (33:15):
All loans are subject to credit approval and program guidelines.
Not all applicants will qualify. Loan terms in availability may
vary by state and are subject to change without notice.
Highlands Residential Mortgage Limited is licensed in multiple states.
Speaker 1 (33:29):
For a full list of state licenses and disclosures, please
visit https slash slash www dot highlandsmortgage dot com backslash
licenses backslash.
Speaker 3 (33:39):
The views expressed during this program are their own and
do not necessarily reflect those of Highlands Residential Mortgage Limited.
Good Thursday afternoon to you. Welcome to the John Sanchez
Show on News Talk seven eighty k which it's a
pleasure to be with you and a pleasure to be
with my co host. We have the whole crew all
back together. Dwight, we missed you. I'm going to start
with you. Welcome my friend Dwight Millard, Highlands Morgan, how
are you?
Speaker 2 (00:20):
And I'm doing fantastic. It's great to be back. Thanks
for Thanks for the night off. I got to know
a little bit more of corporate people.
Speaker 3 (00:28):
Yeah, that's what we said. We said you were out hobnobbing.
Speaker 2 (00:31):
I was. I go right for the top there. You
can't mess around.
Speaker 3 (00:35):
Don't mess around at the bottom. That's right, that's right.
Speaker 2 (00:38):
I go right to the top. What favors can I get?
Speaker 3 (00:42):
I like it. I like it.
Speaker 1 (00:43):
Nothing wrong with that one. It all Corey in eventuality,
how you doing, Mixie.
Speaker 4 (00:46):
I'm doing awesome.
Speaker 3 (00:47):
How are you good, buddy? Doing good? Thank you doing good?
Speaker 1 (00:51):
All right, folks, let's get down to We've got a
lot of things to get through with you. Of course,
we're going to talk about today's stock market activity, a
little bit of a of a week session, so of
course we'll give you all the details as to what
happened today. We're gonna talk a little bit about Dwight's
favorite measure of it, I mean, the Fed's favorite measure
of inflation tomorrow, the.
Speaker 3 (01:06):
PCE, the personal consumption expenditure.
Speaker 1 (01:10):
You know, that could rock the market one direction or
the other if it starts to show inflations raising its
ugly head. Then we are going to get down to
our real estate topic of the afternoon, and oh, this
is going to be a good one. You know, folks,
I'm sure you've heard this saying before, and that is,
if your marriage can withstand a hom remodel, your marriage
can withstand anything. And that's exactly what we're going to
(01:33):
be talking about. You know, we have the mortgage rates
coming down. We've got I'm scary, we got interest rates
coming down in some parts of the yield curve. But
the most important of course for tonight, the mortgage side
is not coming down like we all wanted. We knew
this was going to happen, but it's it's something we've
got to deal with and do. It's going to enlighten
us of course on that. But because these mortgage rates
(01:56):
are not coming down, many of you may be going,
you know, I really really want to make twenty five
the year that we go out we find that new home,
that dream home of ours, but I don't I can't qualify,
or maybe I just don't want to pay these higher rates.
So therefore we're gonna, you know, stand pat, We're going
to stay where we are for maybe another year or
two and then come back and revisit it. Well, we
all know when you get to that point in your
(02:17):
life where you're like, I really want to move, I
need a change, I need more space, love space, whatever
the reason for your move, and you can't do it,
you get frustrated. Well, here's a potential solution, and that
solution is a home remodel. But before you embark on
the world of home remodel, we want to save your
marriage for you, and I mean that in all seriousness.
(02:38):
So we put together a checklist for you of seven
things to consider so that your marriage survives a home remodel.
And so this is going to be really fascinating because
those of you that have never been through.
Speaker 3 (02:53):
A home remodel. I want to get Corey and Dwight.
Speaker 1 (02:56):
I want to get your opinions, but I have been through,
not a major one, but one that started with we
want to expand our walk in closet. Well, expanding the
walking closet, which of course is in the master bedroom,
requires that oops, all of a sudden, can't have a
nice closet and allows a bedroom. So now we embark
on remodeling the bedroom. Well, of course you can't do
that because now you got to do another bathroom. And
(03:19):
then that led to the kitchen. And so what started
as just a little home remodel, probably a I don't remember,
three four thousand dollars remodel of a walking closet turned
into a I don't remember. The final number is probably
fifty sixty thousand dollars remodel by the time it was
all said and done, and you talk about a challenging
time with a spouse, and so you know, again, if
(03:42):
you haven't been through this, I can't wait to hear
the stories from Corey and de White.
Speaker 3 (03:45):
You're going to find out how good your marriage really is.
Speaker 1 (03:47):
And again I'd heard that saying many times, and I
swear on a stack of Bibles it is so true.
If your marriage can withstand that, by all means, it
can probably withstand anything, Corey, any personal experience and you've
dealt with it with clients with any personal experience of
going through a home room model, and the validate or
invalidate our topic this afternoon.
Speaker 5 (04:06):
Well, we set out seven kind of criteria of how
to get through it. And your story that you just
told you broke all seven.
Speaker 4 (04:16):
You didn't know you didn't it?
Speaker 3 (04:18):
Really did?
Speaker 4 (04:18):
You hit every single one of them?
Speaker 3 (04:20):
Every single one of them. You're right, every single one
of them did.
Speaker 4 (04:23):
Yeah.
Speaker 5 (04:23):
I mean I've heard not only from the clients that
I've had it, We've gone through it personally. I have
a lot of friends in our contractors, So the other
side of the story is always interesting because you know,
a lot of people don't think about it, but the
contractors get put in a very interesting situation because they're
in the middle of the fight. You know, not that
they're fighting, but they got to hear both sides. I
(04:45):
was talking to my buddy just last week as a
general contractor. He's like, you know, we clean up at
the end of the day. This was this is happening
right now. At one of his jokes, we clean up
at the end of the day, but when we show
up the next day all their stuff and the kids
closed and dirty like everything's on. So we got to
clean their house and then do the work, then clean
and so it's a trying time forever.
Speaker 1 (05:04):
Yes, yes, And you just brought back memories and then
you're you're you're complaining to the contractor.
Speaker 3 (05:10):
You're tracking stuff in the house that.
Speaker 1 (05:12):
Drywall dust on your boots and yeah, oh man, all right.
Speaker 2 (05:18):
I would say the only thing worse than that, John,
is when you're the soccer coach and your spouse is
the ref. That's the only other time. That one's the worst.
I haven't done a remodel. I've done actually build, you know,
from the ground up. Probably not any easier.
Speaker 3 (05:34):
Probably just say that's actually easier.
Speaker 2 (05:36):
Yeah, I just got to kind of back off and
let you know, just let it go. The type of
thing I mean, Corey and I got into a little
remodel rehab job member and that was stressful, all four
of uses.
Speaker 5 (05:51):
But before you before you glance over the story, do
I please continue with the soccer coach soccer ref story,
because there's a.
Speaker 2 (06:00):
You can't yell at the refuse.
Speaker 4 (06:02):
Yeah, but what happened? Tell everybody what happened?
Speaker 2 (06:06):
Boy, don't you ever do that to me again.
Speaker 3 (06:09):
Quit.
Speaker 5 (06:09):
No, No, I thought when you told me the story
with with your wife was the ref you were the
coach and you started arguing with her and she kicked
you out of the game.
Speaker 4 (06:19):
Oh, threatened to kick me out a red car.
Speaker 2 (06:24):
Don't threaten. No, threatened to kick me out, and I behaved.
Speaker 5 (06:31):
Boy, can you imagine the ride home like four little
kids in the.
Speaker 4 (06:36):
Back of the car.
Speaker 2 (06:40):
So probably a remodel is probably a little easier.
Speaker 6 (06:43):
Probably, but you know, I think you can almost identify
that out of the gate. You know, if just in
daily life, if you see something you know different, Like
for example, I think I said, you know, if we
pull up next to a Harley, I go, man, that
is things cool.
Speaker 2 (06:58):
I want one. My wife goes, that's dangerous. I would
Why would you ever ride on the back. You can
kind of get where you're gonna groove, you know, in
the remodel, I mean, I think you should know where
you agree.
Speaker 1 (07:11):
You're saying that, But I never I couldn't do it
because me being the money guy of the family. It
was like, you're you're putting such a tough spot because
deep down you know you want something nice. Right if
you're gonna do it, you know, do it nice. But
then all of a sudden, you know this famous what
a CEO stand for?
Speaker 4 (07:28):
Corey Certificate of occupancy.
Speaker 1 (07:31):
And and and what else? When it comes to a
contractor CEO, a CEO?
Speaker 3 (07:37):
Change order?
Speaker 4 (07:38):
Oh, change change order?
Speaker 1 (07:41):
Yes here, missus Sanchez, sign right here that you wanted
to change this and three thousand dollars later, or sign here,
mister Sanchez, that's gonna be another five thousand dollars. And
before you know, what I used to love is coming
home from the office. You come home from the office
and she goes, you know what, you don't have a
when you left this morning. We were going to do this,
(08:02):
this and this. Well I changed the way you're going.
I'm sure you don't mind. And here's the stack of
change orders and you're like, another fifteen thousand dollars. Yeah,
I mean it was constant. And the other thing I
felt was it never ended.
Speaker 3 (08:16):
Right.
Speaker 1 (08:17):
You build a house, like you were saying to Wight, Okay,
you know it's going to take six nine months whatever
the you know, whatever it is, but with a remodel,
and unfortunately we had I made the mistake. I hired
a guy. He was a one man operation. Didn't have
any assistants, so, you know, and he was not a
spring Chickens but you know, six mid sixties, but you know,
been doing it for a millionaire. Is really good at
what he does, but not the fastest and so you know,
(08:39):
unfortunately a lot of his billing was on an hourly basis.
Speaker 3 (08:41):
Yeah, you don't change this or move these plugs or whatever.
Speaker 1 (08:44):
But he goes, Okay, it's gonna be four hours at
one hundred and whatever dollars an hour. Da da da,
And you're like, dude, go hire some assistance at you know,
minimum wage to lug the jaywall up and down the stairs.
You know what I'm saying all that stuff. Yeah, and
uh oh it was. It was an experience. That's only
one I've ever gone through. I've never got through a
brand new home build. And that was the only remodel
(09:04):
I ever did, and probably the last one I'll ever do,
because yeah, it was.
Speaker 3 (09:07):
It was too challenge.
Speaker 2 (09:08):
I'm sure there's a lot of stories where they've had
to rip it all the way out.
Speaker 3 (09:10):
Yeah oh yeah, oh.
Speaker 2 (09:12):
Yeah, rip it all the way out, take it all
the way down.
Speaker 3 (09:14):
That's right, that's right, exactly, yep.
Speaker 1 (09:17):
And then Uh yeah, matter of fact, I think you're
right on that one too, do I Because they found
mold when he took the dry wall off in the bathroom,
there was some mold there. So yeah, that opened up this.
Corey will nose about mold situations.
Speaker 2 (09:26):
I got some friends right now, had a little behind
the I got one going behind the washing machine. Built
now everything in the kitchen and so and you know,
no running water down, that's everything.
Speaker 3 (09:38):
Yep.
Speaker 1 (09:38):
So all of you that are going to do this,
we're gonna we're gonna be marriage counselors for it. We're
gonna help you save and hopefully Corey can give us
and Dwight some ideas how we can finance it on
the Dwight side, and uh, you know, some things to
deal with on the contractor sex.
Speaker 3 (09:50):
That's that's an art. We need to do a whole
show on that one, Corey. That's that's an art in
and of itself, the contractor. So lots of fun stuff.
Speaker 1 (09:56):
We'll come back and talk about something that wasn't so
fun today unfortunately, which was a market.
Speaker 3 (10:00):
But we'll tell you what's going on. Let's turn it
on a Christens note. She is in the right now
Traffic Center.
Speaker 1 (10:05):
Hello Kristen, Welcome back to the John Sanchez Show on
News Talk seven eighty KO, which with Cory ds Evisuality
the White Lord of Highlands Mortgage. Right, here's the damage
that was done today, and then we're going to get
into our topic seven things to consider so your marriage
can survive a home remodel. All right, we have been
(10:25):
talking at linked on this program both, you know, when
Corey and I were together with you on Tuesday, Jason
and I together with you on Monday and Wednesday, and
now today.
Speaker 3 (10:34):
There's some underpinnings going on in this.
Speaker 1 (10:37):
Market, and we've given you all the all the facts
behind it, and you're getting some you know, Jerome Palace
comments the other day and again just paraphrasing, the market
is slightly highly valued, I think were his words.
Speaker 3 (10:49):
Right, Corey, you're.
Speaker 1 (10:51):
Getting quite a few money managers now that are starting
to say it. And like Jason and I were strategizing,
we made some some pretty significant moves in our portfolios today.
Remember this is a great lesson. Remember the market as
a hypochondriac, folks. The market will talk itself into whatever
it wants to do. If it thinks this market's over
valid whether it is or not from a mathematical valuation,
(11:14):
whatever reasons you want to use, it can talk itself
into it or vice versa. Right, and so remember the
market moves like a herd of sheep. Right, the algorithms
and so on and so forth. One does one here
comes everybody else. So we saw weakness. We've seen weakness
all day this week, and today was another day. The
other factor, once again that we've been discussing is watching
(11:36):
the whole situation on the AI sector.
Speaker 3 (11:39):
Right.
Speaker 1 (11:40):
It started on Monday with a big announcement one hundred
billion dollars announcement between open ai and of course or
open ai and the video. And now as we discussed
on Monday and Wednesday, and I think Corey, you and
I touched on that word circular accounting and just some
things are not sounding right the way the deal kind
(12:00):
of financed. And then we did some more research on
it and found out this is becoming very common that
now no matter of fact, Cory. Now, we learned yesterday
that that open ai is leasing quote quote leasing the
GPUs the chips from Navidia. It's not even a buy,
so one hundred billion going. We found out also that
the hundred billion is not right away. It's like there's
(12:21):
certain milestones that have to be achieved before they get
the money. I mean, the story is just unfolding in
bottom line. Wallster doesn't like that. It's uncertainty, right, Like, really,
what's going on? We all, all of us that have
gray hairs, we all remember what happened in you know,
ninety nine and two thousand and of course eight oh
nine and and so on and so forth. So I'm
not going to go into it. That's not what tonight's
(12:41):
shows about. But that's what's again starting to affect things
a bit. So we finished down one seventy four on
the down. Again, there's nothing major, I mean, point three
eight percent loss, but again the underpinnings I don't like
what I'm seeing with some of the big names in
the Navidia eked out a small gain forty one cents
to one seventy seven thirty eight, but you had Tesla
rollover today eighteen dollars and seventy eight cent loss.
Speaker 3 (13:01):
Uh, Meta down eleven dollars and sixteen cents.
Speaker 1 (13:04):
So you're getting some of the big tech names that
are just starting to give some money back at this point.
So that's again another area of cost that we need
to watch. So one seventy four loss on the Dow
down one thirteen excuse me point actually right on the nose,
a half a percent loss on the NASDAK. Also a
half a percent give up on the S and P
five hundred. That was a thirty three point loss. Oil,
what a snoozer one cent game sixty five ozho won
(13:25):
a barrel gold snoozer two dollars and fifty cent rise
three thousand and seven to seventy ninety six in ounce.
And mister Millard, you don't like hearing this three basis
point increase on the tenure now at four seventeen, talk
to us, my man on the mortgage side.
Speaker 2 (13:38):
Well, let's let's go back a week or so ago.
You know, just that Tuesday before, we were at six
point point one three on the thirty year fixed average
according mortgages Daisy. Today you're at six point thirty nine.
So that's a you know, that's what is that twenty
six basis points increase in just a short period of time.
(13:58):
It's struggling. The market's ruggling. John, Your fifteen year now
is back right at the five point nine zero and
then your faha is over six again out six points
to zero six. So, I mean I was reading today
a little bit that the auction this seven year treasure
action was horrible. But John, who wants it?
Speaker 4 (14:17):
Now?
Speaker 2 (14:17):
Who wants a sleepy bond?
Speaker 3 (14:19):
Now?
Speaker 2 (14:19):
When you got all this excitement going on over here?
But wait a minute, you want me to come over
here and play in this little sandbox where it's totally sleepy.
You keep grinding me every month for more money to
pay the debt. I mean, it's a tough one.
Speaker 1 (14:33):
And you're right, and you know that's another point that
Wall Street doesn't really care a lot about, at least
at this point. You know, we got to September thirtieth deadline,
the government deadline. Yeah, you know, pass the budget. So
and did you guys see this today? And we spend
a lot of time, all three of us, talking to
each other about the labor market, and you know, things
are weakening them to the surface a bit. But now
(14:55):
they came out today and the Democrats are saying, you
know what, a lot of the if if the government
shuts down on midnight of September the thirtieth, Trump's going
to use this as a reason to permanently get rid
of a bunch of I mean thousands of government employees, right,
So that's the speculation. Then again, if you're a bond
trader at White's point, you're going, well, wait a minute here.
You know, we've already lost a lot of jobs and
(15:17):
more are going to be coming and now this situation,
so you just add that little ingredient to the fire
of it.
Speaker 2 (15:24):
Yeah, John, do you see any scenario in the next
week or two that turn. I mean, they're already anticipating
right rates, they're going to do another quarter in October.
Isn't that pretty much base?
Speaker 3 (15:34):
Yeah?
Speaker 1 (15:35):
Yeah, I was going to bring up I got the
latest probability from the CEME fedwatch tool right now, the
probability of a quarter percent cut in October. Yesterday it
was ninety one point nine. Today it's eighty five point five,
So it's still very strong. The odds of a December cut.
Yesterday we're seventy three point three percent, now today they're
(15:55):
sixty point five.
Speaker 3 (15:56):
Those are big moves down.
Speaker 1 (15:57):
So when you see a jump, you know, thirteen fourteen
percent like that, that tells you there's a lot of
concern about something or a combination of things right instead
of going, oh yeah, yesterday it was seventy three and
today it's seventy one.
Speaker 3 (16:09):
Big deal. We don't even talk about that.
Speaker 1 (16:10):
But when you when you see these kind of you know,
going from the big numbers and stole down a bit
but still strong. Now, everyone, I promise you next week,
in my opinion, I can't say I promise, but in
my opinion, next week, I bet you're gonna see those
odds even go further down.
Speaker 3 (16:24):
I really do. Now one thing that can change all that.
Speaker 1 (16:27):
I'm gonna put a little asterisk here so I don't
look like a complete idiot, but I'm gonna put a
little asterisk here, and that is tomorrow. Now, tomorrow, we're
gonna get the personal consumption and expenditure that's called the PCEE.
Speaker 3 (16:39):
That's the Fed's favorite measure of inflation.
Speaker 1 (16:41):
So it takes CPI, PPI and a whole bunch of
other factors, lumps them together. And that's what the Fed,
as I've said a million times, really looks at to
determine where inflation is going.
Speaker 3 (16:49):
They are looking for a bit of an uptick tomorrow.
Speaker 1 (16:52):
And now this is of course, is going to be
August's data they're looking for a three tenths of a
percent increase from July to August. When you looked at
June Tojuly, it was a two tenths over percent increase,
so you know, another one tenth but that's a lot.
When we talk about inflation, we also have personal income
and personal spending come out. They always come out just
a few seconds before of the PC numbers. Looking for
(17:13):
personal income to go from a four tenths ever percent
gain in July down to just three tenths ever percent increase,
spending a flat up a half a percent so month
over a month, not looking for that one to change.
But you know, to your point, Dwight, you know, if
you look forward or look out under the calendar, in
the next few weeks, we have we have non farm
payrole numbers next week on the third, that'll be something
(17:36):
that can move.
Speaker 3 (17:37):
But you know, other than that, there's not.
Speaker 1 (17:38):
Really a lot where you know, we're not We're still
about three weeks away from earning season and began. So
to your point, yeah, there could be a lot of
a lot of reasons things just kind of go lax.
And remember, you know, for those of you that are
market statisticians, this last week of September and kind of
around the first week of October. Historically, especially that first
week of October historically has not been good for the
(17:59):
stock market. And I'm not talking significant declients, but I
think half a percent historically is what it's what it's
lost in that time period.
Speaker 3 (18:06):
So nothing too major.
Speaker 1 (18:07):
But again, I'm just going to keep bringing up these
underpinnings of worried about the accounting going on in the
AI sector and so on and so forth. Cory, anything
you want to add to that.
Speaker 5 (18:15):
No, I think he had a decent unemployment number today,
which causes rates to go up. If you get a
strong inflation number tomorrow or stronger than expected, that's going
to cause rates to go because the theory is the
federal just sit back and think unemployment's okay.
Speaker 4 (18:32):
So yeah, who knows.
Speaker 5 (18:33):
And then, as you mentioned, if you start factoring a
government shutdown, and there was talk today about well if
the government does shut down, and you know, Trump's different
than other presidents. He's not going to give in. He's
going to hold tight. So what reports do you get
prior to the next fedue? Like, there's all kinds of
stuff in the mix that could happen, and you can't
really you never know what it's gonna know how it's
going to work out.
Speaker 3 (18:53):
Changes day by day by day.
Speaker 1 (18:55):
And then the last one want to mention was we
saw weakness and Oracle today again has kind of been
the leader of this whole AI thing lost again today
down thirteen dollars and seventy six cents, a four almost
a four and a half percent loss, So everyone's watching
that closely.
Speaker 3 (19:11):
Also, all right, when we come back, let.
Speaker 1 (19:13):
Us move into the world of remodel and how to
save your marriage if you're going to go through that. First,
let's turn it over to Jack Saban, He's got news
traffic on whatever. Hello Jack, Welcome back to the John
Sanchez Show on Newstalk seven eighty KO, which with Dwight
Mallardi Highlands Mortgage Couryage of Edge Reality.
Speaker 3 (19:27):
Once again.
Speaker 1 (19:27):
We finished down one seventy four on the DOW, a
negative one thirteen on the NASDAK, and I'll pull back
of thirty three on the SMP five hundred. All right, Well,
as you heard Dwight mentioned, you know, we're up twenty
six faces point, so smidge and above a quarter percent
on the thirty year mortgage since the FED cut raids
last week.
Speaker 3 (19:42):
Again not the.
Speaker 1 (19:43):
Way many anticipated it was going to go. We warned
you that this could be a strong possibility and it's
holding up. So now many of you are facing this decision.
Do I stay in my home remodel it, or do
I go try to find something, maybe pay a little
bit more on the mortgage that you don't want to.
Whatever the case is, many of your going, you know what,
I'm just going to stay put.
Speaker 3 (20:01):
I'm going to remodel.
Speaker 1 (20:02):
So we want to put together this list that is
again not so much, well it is monetary, I can
say not so much, but it is because we're going
to try to help you save your marriage because nothing worse. Yeah,
no faster way to lose your net worth than a divorce. Right,
So we put together seven things to consider so your
marriage survives a remodel for those that are going to
stay in your house. Now, before we get to this,
(20:23):
because it's kind of lighthearted, but it's actually good stuff,
Dwight and Corey two serious questions. Dwight very quickly. One minute,
how do we get some money out of our house
to remodel.
Speaker 3 (20:33):
We need to do it. We need to do it.
What's the best way right now?
Speaker 2 (20:35):
Yeah, John, there's fantastic programs out there, so you can
either do it through a home equity line of credit.
FHA has a rehab program. They have one that goes
up to seventy five thousand and it's called a limited streamline.
It's super easy. And then Conventional has their own VA's
got it too, so that everybody's got a spin of
(20:56):
a rehab. So you know, if you don't want to
go the equity line route, you can explore those. Your government,
your FAHCHA is probably going to give you a higher
loan to value, so if you need to squeeze a
little more cash out, that's probably where you're going to
get more of it. But they're fantastic programs, got it,
you know. But there again, John, you got trade off
kind of what you got going if your rate's real low,
(21:17):
you know this is you know, so yeah, you got
you just got to explore, like you.
Speaker 1 (21:21):
Said he would come because you're just gonna give a
second on the property. Yeah, changed the first kid, Corey,
real quick, what are you seeing right now as far
as improvements that are bringing the best ROI or return
on investment?
Speaker 5 (21:34):
I mean you have all the fluff stuff that we
went through in COVID. Really the outdoor kitchens, the offices,
the private rooms, those kind of things are probably still
the wild factors. But to me, it always goes back
the bread and Butter's always been bathrooms and kitchens. Bathrooms
and kitchens, And to your point when you mentioned earlier,
we started with the closet, next thing, you know, the kitchen,
tream all like that. That's always the hot point usually
(21:55):
in anyhows. And then to bathrooms. They'll usually go into
the typically the master bathroom because that's where mom and
dad used to spend their time, or the guest bathroom,
depending on if people are worried about you know what
it is coming over. But kitchens and baths are Try.
Speaker 3 (22:11):
What's the hot countertop right now?
Speaker 5 (22:13):
If you're doing Oh man, I know there's so many
different kind of the wrong got to ask, but there's
so many different man made stones now and I forget
all the different courts like this and this that. I
don't know what it is, but it's it's the stone
kind of to me, they all look like a granite,
even though they're not granted, but it's that it's that
solid stone right.
Speaker 3 (22:33):
Okay, very good. All right, Well let's get start with
our list.
Speaker 1 (22:36):
And again we shared our story at the beginning of
the show in regards to what can happen in a
marriage while you're going through a home remodel. So we're
going to try to make sure this doesn't happen to you. So, Cory,
the first point that you brought up is, and I
think this is such a great point, agree on a
vision up front.
Speaker 4 (22:53):
And it's key.
Speaker 5 (22:54):
And so before you start calling contractors or calling dight
or calling anybody, the two people, assuming there's two people
making a decision, those people have to be on the
same page because a lot of fights start when you
bring over the poor contractor and husband and wife or
whoever's together hasn't decided what they want yet, and now
you're trying to get opinions from a contractor. Most contractors
(23:16):
aren't visionaries, right. You tell them what to build and
they'll build it correctly, but they're not really visionaries. So
the best thing I've always found, not only in our
own personal stuff but to clients is go through the
magazines like don't be afraid to go spend I don't
know one hundred bucks and a bunch of magazines, look
at the pictures, tear out the pictures you like. It's
so at least I found in our stuff. It's so
(23:37):
easy to sit on and say, hey, we want our
kids to look like this, and then the contractor and say, okay,
well we can do that. Maybe we don't have the
tie o from Italy, but we can get something that
looks very similar from one of the great stores and
different things. But if you can help the visualization, then
everybody's kind of on the same page and their expectations
(23:57):
are all lined in versus you know, people with different thoughts.
Speaker 1 (24:00):
If you will right right, absolutely save a lot of
time up front, and especially if you you know, if
it's a major remodel and you get an architect involved,
same thing.
Speaker 3 (24:09):
Those those men and women are not cheap. They're very
good at what they do.
Speaker 1 (24:12):
But the easier you can or the sooner that you
can come to them with a vision, definitely the better
off you're going to be on that one. D I
I love your second point. Set a realistic budget with
a cushion.
Speaker 2 (24:23):
Yeah, nothing's worse than running out of money, right right, So,
I mean, you know, I guess the rule is kind
of ten to twenty. I'd probably try to lean more
to a twenty if you can, because to your point,
you're going to get in, you're going to start here,
then you're going to realize, oh, that doesn't got to
go there. So I mean I would do a budget
(24:44):
and redo a budget, and then I would get maybe
some bids, tighten that budget down as far as you can,
and then give yourself some room. I mean, Corey's they
do this all the time, so they've got a pretty
good handle on it. But I can see how a
husband and wife can just run out of money read it.
Speaker 1 (24:59):
Yeah, And I've had that happen with clients before, and
you're right, they're seventy percent through and they thought they're gonna,
you know, pick a number're going to spend one hundred
grand and they're like, we're three quarters of the way through.
What can we do? You know, how do how do we?
How do we finish? Because there's no turning back. And
the worst one I had one couple of years ago
where they finished the project, they weren't watching their budget,
(25:20):
and the contractor submitted the final bid or final bill
to them, and again they had all these change orders
going through and everything else. They weren't watching it, and
I think the final number from the contractor was like, geez,
fifty sixty thousand dollars above what they thought they were
their final bill was going to be.
Speaker 3 (25:39):
And they're like, what are we going to do?
Speaker 1 (25:40):
Because remember, folks, you don't want to screw with a
licensed contractor. Not a lot of them do this, but
legally they can. They have this great power called a
lean a mechanics lean, right, Corey, you know these well absolutely,
And a good contractor is going to file what's called
a preliminary lean on you, meaning he's going to notify.
Speaker 3 (26:00):
The proper authorities.
Speaker 1 (26:01):
Uh, if it's a big remodel, especially, you're going to
notify the proper authorities when the job begins. And then
his subcontractors they're gonna probably file it suppliers, right Corey,
you get in some big, big numbers on suppliers, they're
gonna file a lean a mechanics lean, and all it
does is just notify you know, the lender, Hey, we
have a lien you know, on paper on this remodel project.
(26:24):
You need to make sure you're contractor if he's done
that or she's done that. That when you finally pay them,
they release those liens, right, Corey. How many times have
you come across that where people are like, oh my god,
there's a run of a title report. There's there's a
mechanics Liane from Joebo Construction ten years ago that never
got released.
Speaker 5 (26:41):
I mean that's yes, well, and luckily there's some there's
some things in the lot. So they have to prove
up that line with that X amount of days. So
shouldn't necessarily affect you if it's Yeah, so they have,
but they do have lean rights and a lot of
the big contractors they will pre lean you prior to
even starting the job.
Speaker 4 (26:58):
Jess make sure yeah, yeah, exactly.
Speaker 5 (27:01):
So it said don't and don't be nervous because you
have you will get a certified copy of it. Yes,
and if people don't know it's coming, it freaks them out,
but it's it's a lot of contractors have been screwed
over the year, so this is their way, and it's
a very good way to make sure they're going to
get paid.
Speaker 1 (27:15):
I had a client that I was coaching years ago,
big big builder up at the Lake, and I mean,
you know, fifty hundred million dollar projects and I was
coaching him, trying to improve his business, you know, performance
and operations. And I brought that up. I said, you
are filing your your your prelimbs and all that. Right,
It's like, no, I don't do it. And sure enough,
(27:36):
I think I jinxed him. About six months later, one
of the big rich people up there north Shore screwed
him out of a oh gosh.
Speaker 3 (27:43):
It was a lot of money, like a couple of
million dollars.
Speaker 1 (27:46):
And the homeowner went to him and said, oh, here's
your you know, we call it the honeydew list or
the punch list, right, literally over one hundred items that
he needed to do before the homeowner released the final
chunk of money. And he's, I can't do these, you know,
this is ridiculous, and ended up walking away simply because
he didn't follow the prelim and follow the mechanics, lean laws.
(28:07):
So very scary stuff. Real Even small contractors, you know,
they can do it. They got a lot of power
with their a licensed contractor. I'll right continue down our
list seven things to consider to survive your marriage of
a remodel. All right, just wrap it up with Kristen
Snow right now. Traffic Center Hello, Kristen, Welcome back to
the John Sanchez Show, A news talk seven to eighty
k Wischmster Millard your phone number.
Speaker 2 (28:27):
Sir, yes, sir seven seven five two four zero two
zero two two.
Speaker 1 (28:32):
Thank you, sir, mister edge six seven three six seven
zero zero beautiful.
Speaker 3 (28:37):
All right.
Speaker 1 (28:37):
Seven things to consider so your marriage survives or remodels
our topic, all right.
Speaker 3 (28:41):
Cover Number one.
Speaker 1 (28:42):
You gotta agree on the vision up front with this
model's remodel is going to be about Number two, you
set a realistic budget and you have a cushion. Number three, Corey,
divide the responsibilities this. I love this point you made
because this is again another extremely important.
Speaker 5 (28:56):
One well and it makes it so much easier on everybody.
So typically you're going to have two people making the
decisions that are both the boss. Then they're going to
have the contractor designate one person to talk to the contractor.
You can even tell the contractor, hey, no matter what
I say, take direction from my wife, or no matter
what I say, take tr you want to. You want
to keep the contractor happy, they want to keep you happy.
(29:17):
It just keeps everything easy. If your wife or your
husband or whoever is the person that has the vision,
then let them pick the stuff and do a home.
Speaker 1 (29:26):
I learned, Yes, things happen during the day, and if
you're not there, yes, contractor will walk off. So yeah,
you be fortunate enough to you know, not have to
leave the house during the day. That's a good person there, Yeah,
absolutely Dwight. Number four, compromise on design decisions.
Speaker 2 (29:41):
Well, it goes from little tiny paint, you know, it
goes from painting the trim to carpet to I mean
whatever it is. Just pick and choose what hell you're
willing to die on. There's not very many, you know,
I mean, let's just be real. I mean, there's not
very many in it.
Speaker 3 (29:56):
I just say it. Happy wife, happy life, say it.
Speaker 2 (30:00):
Yeah, yeah, happy, Yeah, you're absolutely correct. So I mean
I think I would always default that way and just
let her choose and pick. But that's the easy route.
But there's just gonna be so many things. Just compromise,
I mean, if you can. I mean, that's just it.
Speaker 1 (30:14):
It sounds strange those of you that haven't been through it,
but you will find that, even though you're married to
this wonderful person, Yep, you may not see eye to
eye on certain colors or design aspects. I love that one. Okay, Corey,
I love your next point too. Maintain a sanctuary space. Boy,
this is a good Yeah.
Speaker 5 (30:30):
So this whole conversation is usually around a remodel in
the house you're living in, so you know, husband, wife, kids,
whoever else is there. You can imagine how especially when
you're doing a kitchen or their main bathroom or all
these things. So, yeah, you have to you either have
to have a big budget to go to a hotel
for a while, or you've got to set up a space.
And like, for instance, we're talking about getting our hardwork
(30:51):
floors were done. So I was talking to the guy,
I'm like, what am I going to do for three weeks?
I got kids?
Speaker 4 (30:55):
Asked.
Speaker 5 (30:55):
She's like, well, Hawaii's always nice, and.
Speaker 4 (30:59):
That's pull the bone.
Speaker 5 (31:02):
Yeah, so but you gotta have some sanity, yeah.
Speaker 3 (31:08):
Yeah.
Speaker 1 (31:08):
And then of course the filth, right you're living there
and being with dust and like I said, drywall, dust
and every bit of things you can imagine, and lord knows,
there's a lot of sloppy contractors and uh yeah, and
have that talk with your contractor lay those rules out
from the beginning. You are to like you were saying
off air Corkyr your buddy that's big into this. He
(31:28):
cleans up every single day, right, make sure they clean
up every day night. They don't leave gatorade bottles, you know,
sit on your bed and I.
Speaker 2 (31:35):
Mean, but John, it's funny because you know when the
window guys show up with the long guys. You know,
my wife goes crazy. O there, imagine a remodel. It's
just not a long guy's or a window guys. I
mean in your house. They're destroying it.
Speaker 1 (31:49):
Yeah, yep, yeah, you got it all right, So we
maintain our sanctuary space number six Corey commune or do
I'm gonna give you this one.
Speaker 3 (31:56):
Yeah, communicant daily without blame.
Speaker 2 (31:58):
Well, here's your opportunity to get back and reconnect, right,
I mean you can now you can talk, get off
the phone and talk now. I mean it sounds simple
and easy, but you really need to just have and
you need to have a safe space to talk about it. Right. Hey,
we can't just dere Yeah, yes, it's two minutes in it.
We can't get an argument. Let's just talk about it.
(32:19):
Let's what's going good, what we need to work on
or things like that. But yeah, a great great suggestion.
Speaker 3 (32:24):
All right, great in ten seconds. Keep the romance alive.
Speaker 5 (32:28):
Yeah, and this goes even outside the ring model, keep
their own mance alive. The date nights. Just remember you're
on a journey, right, so eventually this will end. You'll
get to look back on it, just like you're doing now.
You get to look back and laugh on it, so
it'll be over eventually.
Speaker 4 (32:41):
Hope you're with the same person when you're laughing about it,
you know.
Speaker 1 (32:45):
Oh, there's a lot of fun boys. Great job as always,
We'll see you tomorrow on the John Stanches Show. Good,
Let's have a great afternoon.
Speaker 3 (32:51):
Dwaite Millard and mls ID number two four one two
five nine a licensed mortgage loan officer with Highlands Residential
Mortgage Limited and Equal Housing Lender and MLSID number one
three four eight seven one.
Speaker 1 (33:02):
The information shared on this live broadcast is for general
information purposes only and does not constitute financial or mortgage advice.
Listeners should consult directly with a license mortgage professional for
guidance tailored to their specific situation.
Speaker 3 (33:15):
All loans are subject to credit approval and program guidelines.
Not all applicants will qualify. Loan terms in availability may
vary by state and are subject to change without notice.
Highlands Residential Mortgage Limited is licensed in multiple states.
Speaker 1 (33:29):
For a full list of state licenses and disclosures, please
visit https slash slash www dot highlandsmortgage dot com backslash
licenses backslash.
Speaker 3 (33:39):
The views expressed during this program are their own and
do not necessarily reflect those of Highlands Residential Mortgage Limited.
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